This commentary will focus on the first 60-90 minutes after the Opening Bell. However, our strategies can and will provide setups the entire trading day.
Overnight price action maintained it momentum from the late-day session and after hours as price action continued to stay in the upper 1/3rd of the prior days range near the prior day’s high.
From a birds-eye view, price action continues to show aggressive retracements in price action over the last few days, however they continue to have higher swing pivot lows and the buyers push price action back up each of the last few times providing g a multiple day uptrend with higher highs and higher lows.
Pre-market price action trying to probe above the prior day’s highs and retraced back below forming an early flag pattern heading into the opening bell. Economic news in pre-market has showed a little momentum on 5-minute chart.
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Took a LONG position once price action formed a double bottom near intraday lows and formed multiple swing pivot lows on the 1-minute chart and price action slowly go in our favor…we took 2+ points profit.
If you manage the trade carefully you can easily see the momentum building and more profits are there on remaining contracts.